A federal agency has liquidated the New London Security Federal Credit Union, saying it is insolvent and has no prospects for reviving operations.

The National Credit Union Administration, which charters and supervises federal credit unions, took the action Monday.

The New London Security Federal Credit Union was chartered in 1936 and served 365 people as of Monday. It had reported $12.7 million in assets.

The NCUA will issue checks to members to cover losses up to $100,000 per account.

The Day of New London reports that the credit union was a faith-based organization with less than $200,000 in loans outstanding. A message seeking comment was left Tuesday for its president.
(AP)